NZDUSD is trading quite nicely in a bearish impulsive decline from the high at 0.7486, with price specifically trading in wave 4 of (3). We believe this intraday bullish bounce may only be temporary, as we see it as the first leg of a three wave correction as wave a. As such two more corrective waves will show up, labeled as wave b and c.
The ideal resistance for this upcoming correction could be around the region of a former wave iv at 0.7202 or near the 38.2 and 50.0 Fibonacci ratio.
The ideal resistance for this upcoming correction could be around the region of a former wave iv at 0.7202 or near the 38.2 and 50.0 Fibonacci ratio.
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I kind of changed the count a little bit, and are now looking at at probable three wave move that may unfold from the 0.70344 level with price currently trading in the first wave A or 1.